There have been several articles over the last year about the next big wave of foreclosures coming down the pipeline. 60 Minutes did a whole documentary on this last year.
Today USA Today published another article discussing the backlog of foreclosures on the horizon caused by failed short sales, failed modifications, government moratoriums, etc. Another 7 million homes in the USA are destined to go into foreclosure over the upcoming months.
This article makes an interesting read: Another Wave of Foreclosure Looms.
Central Florida / Orlando gets hundreds of new foreclosure case filings every single week. So anybody that is telling you that "the recession is over" is simply kidding themselves. I hate to say it, but it sure looks like a tidal wave is on its way to shore in the near future. If you are in the real estate business you need to continue to be focusing on foreclosures, REOs, and short sales. They are going to be around for many years yet to come.
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